Pine Labs has partnered with buy now pay later platform, Atome, to enable seamless, flexible instalment payment options across over thousands of merchant establishments in Malaysia that are already on the Pine Labs network.
The Covid-19 pandemic has accelerated the shift to digital payments in Malaysia and a growing number of merchants are now integrating digital payment options at the point of sale. According to a report by data analytics company GlobalData, real-time payment transactions in Malaysia have surpassed 68 million in 2020, an increase by over 800 per cent from seven million in 2019.
BNPL is fast-emerging as a popular payment method in Asia and is expected to more than double its market share by 2024 according to the 2021 Global Payments Report by FIS-Worldpay.
Pine Labs has pioneered the BNPL category in India where it now has 95% market share of offline BNPL services. The company is accelerating BNPL payment acceptance and last-mile retail transaction technology in the Malaysian market and has already onboarded leading merchants and top banks like CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank on its BNPL platform.
“BNPL is the future for most businesses, especially in the retail sector. With Atome, we are able to open newer categories for affordability and bring in newer customer segments who might not be traditional credit card customers. It’s a win-win for both merchants and their customers. We’re excited to partner Atome, a well-known player in this space. Together, we aim to delight merchants in Malaysia and help them drive business growth through BNPL payment acceptance processed via Pine Labs merchants payment technology,” said Chayan Hazra, Head of Payment Business (APAC), Pine Labs.
“We’re excited to be the first BNPL brand to partner Pine Labs in Malaysia. This partnership will enable a quicker, smoother and more seamless payment experience across thousands of point-of-sale checkouts in Malaysia. The movement control order (MCO) has placed a huge strain on Malaysia’s retail sector and this partnership will support and drive recovery in retail sales while empowering consumers to shop and pay flexibly, safely, and responsibly,” said Trasy Lou-Walsh, General Manager for Atome Singapore and Malaysia.
In Malaysia, Atome partners with over 200 online and offline merchant including ZALORA, Agoda, ALDO, Eu Yan Sang, Box of Bricks (LEGO reseller) and Machines (Apple premium reseller) across key verticals such as beauty, fashion, travel, homeware and lifestyle